GASB’s Asset Retirement Guidance
Thoughtware Article
Published: Jan 01, 2017
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Executive Summary
The Governmental Accounting Standards Board (GASB) recently released Statement No. 83, Certain Asset Retirement Obligations (ARO), which establishes recognition and measurement guidance for assets not covered by existing GASB standards. Governmental utilities that currently do not report AROs likely will see the greatest effect from the new guidance as well as higher education institutions with research reactors or health care facilities with X-ray machines or magnetic resonance imaging machines.
